21st Century Fox completes asset divestment, creates Fox Corp
In the run up to its acquisition by the Walt Disney Company, 21st Century Fox has announced the creation of a standalone company, in order to divest itself of a number of its assets. The new company, Fox Corporation will house Fox broadcasting network, Fox Sports, Fox News and Fox Business Network.
According to an Adweek report, Lachlan Murdoch, Fox CEO and chairman, announced the appointment of several new members of the board, including ex-speaker of the House of Representatives, Paul Ryan.
Ryan will be joined by Chase Carey, vice chairman of 21st Century Fox; Roland Hernandez, former chairman of Telemundo and Anne Dias, founder and CEO of Aragon Global Holdings investment fund. Murdoch, his father Rupert and Jacques Nasser had been previously announced as the company’s other board members.
“We are thrilled to welcome our new colleagues to the Fox board,” said Murdoch. “We look forward to working with and being guided by them as we begin a new chapter, steadfastly committed to providing the best in news, sports and entertainment programming.”
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The Walt Disney Company’s $73bn acquisition of 21st Century Fox is expected to close on Wednesday.
According to a report by Variety, “Fox Corp will be extremely reliant on the Fox News cable channel for the bulk of its earnings. Wall Street analyst Michael Nathanson estimates that some 86% of Fox’s earnings will come from cable programming, and 90% of those earnings will come from Fox News. Fox Corp is projected to have earnings before interest, taxes, depreciation, and amortization of $385mn in its fiscal 2019, growing to $680mn by 2021.”